PhD Vanderbilt University
M.A. Tulane University
B.A. Hunan University
ACADEMIC AND PROFESSIONAL EXPERIENCE
Associate Professor, Hong Kong University of Science and
- Senior Consultant, XL Partners (served some largest global
Portfolio Manager, Senior Researcher, Acadian Asset
Assistant Professor, University of Miami, HKUST
Lecturer, Vanderbilt University
Adjunct Professor, Boston University
Visiting Scholar, Boston College
Top Academic Journals
The persistence of relative performance in stock
recommendations of sell-side financial analysts, Journal
of Accounting and Economics 40, pp. 129-152, 2005.
Are the Wall Street analyst rankings popularity contests
(with Douglas Emery), Journal of Financial and
Quantitative Analysis 44, pp. 411-437, 2009.
The Sarbanes-Oxley Act and cross-listed foreign private
issuers, Journal of Accounting and Economics 58,
The effect of increased disclosure on
post-earnings-announcement drift: Worldwide evidence (with
Mingyi Hung and Shiheng Wang), Review of Financial
Studies 28, 1242-1283, 2015.
Board reforms and firm value: Worldwide evidence (with Larry
Fauver, Mingyi Hung, Alvaro Taboada), Journal
of Financial Economics 125, 120-142, 2017.
What Makes the Bonding Stick? A Natural Experiment Testing
the Legal Bonding Hypothesis (with Amir Licht,
Christopher Poliquin, and Jordan Siegel), acceptance at Journal
of Financial Economics.
Product Market Competition Shocks, Firm Performance, and Forced
CEO Turnover. (with Sudipto Dusgupta and Albert Wang),
acceptance at Journal
of Financial Economics.
Top Practitioner Journals
- A dynamic
future for active quant investing (with Rodney Sullivan), Journal
of Portfolio Management 37 (3), pp. 29-36, Spring
- The limits to
arbitrage revisited: The accrual and asset growth anomalies
(with Rodney Sullivan) Financial Analysts Journal 67
(4-5), 50-66, July/August, 2011.
- Asset growth
and future stock returns: International evidence, with (Ying
Becker and Didier Rosenfeld) Financial Analysts Journal
68 (3), 51-62, May/June, 2012.
- Gender and
sell-side analysts: Performance, behavior, and career outcomes
(with Rodney Sullivan, Dan Xu, Guodong Gao), Financial
Analysts Journal 69 (2), 83-94, March/April 2013.
- The limits to
arbitrage and the low-volatility anomaly (with Luis Garcia-Feijoo
and Rodney Sullivan) Financial Analysts Journal 70 (1),
52-64, January/February 2014.
- Investing in
the asset growth anomaly across the globe (with Rodney
Sullivan), Journal of Investment Management 13, 1-21,
Low-Volatility Anomaly: Market Evidence on Systematic Risk
versus Mispricing (with Luis Garcia-Feijoo and Rodney Sullivan),
Financial Analysts Journal 72 (1), 36-47,
SELECTED WORKING PAPERS
The equity ownership in IPO issuers by brokerage firms and
analyst research coverage (with Qiang Kang and Ronald Masulis)
Deregulation and the cost of public debt (with Qiang Kang, Paul
Malatesta, and Junbo Wang)
Product similarity and analyst research (with Charles Hsu,
Zhiming Ma and Gordon Phillips)
On the flow-performance relations among delegated institutional
portfolios (with Tong Yao and Zhe Zhang)
Industry competition and firms’ incentives to withhold
information: Evidence from a quasi-natural experiment (with Kai
Wai Hui, Chen Lin, Lai Wei, Guochang Zhang)
A model of China’s state capitalism (with Xuewen Liu and Yong
SELECTED MEDIA COVERAGE
- Cited numerous times by Bloomberg,
Financial Times, Wall Street Journal among many other media
RESEARCH PRESENTED AT
SELECTED PRACTITIONER VENUES RECENTLY
Citi Global Quantitative Investment Conference,
Macquarie Global Quantitative Investment Conference, Deutsche
Bank Global Quantitative Investment Conference, Wall Street
Journal Beijing Bureau, *U.S. State Department, *U.S. Treasury
Department, *IMF, *U.S. International Trade Commission, *U.S.
Securities and Exchange Commission, U.S. Federal Reserve Board,
Luncheon CFA Society at Beijing and Shanghai, Shanghai Institute
of Law and Finance, Speaker at China Securities Market and
Valuation Conference (Sponsored by Value Partners), Harvard
China Forum Annual Conference, Boston Securities Analyst
Society, HKUST-NYU Stern Global Finance Seminar (collaboration
with South China Morning Post and CFA Institute), CQAsia
Meeting, Northfield Annual Seminar, QWAFAFEW Boston, Quant
Invest Conference, The Chinese Finance Association Boston Dinner
Reception, Chicago Quantitative
Alliance Annual Meeting
PREDICTIONS, ALL BACKED BY FACTS AND INVESTMENT DECISIONS
Predicted the market crash
at the start of 2008
Predicted the rally from March 2009.
Predicted quant equity underperformance for >2 years at the
start of 2008; recofirmed the prediction in early 2009.
Predicted significant underperformance of momentum factors
and features in the subsequent five years at the start of 2009.
Predicted China’s growth slowdown to possibly 3%, the
underperformance of Brazil, Russia, and Australia, and the relative outperformance of the
U.S. in the five years from 2011.
Accurately timed the market turning point from 2011.
See my macro prediction blog at
HONORS AND AWARDS
HKUST IEMS Grant: Awarded 2015
HKRGC Grant: 2012 - 2014
NTU International Conference on Finance Best Paper Award
Chicago Quantitative Alliance Meeting's Academic
Finalist for Crowell Prize (Award from Panagora for
Original Academic Research)
FMA European Conference Best Paper Award
FMA/AAII Award for the Best Proposed Dissertation
James W. McLamore Summer Award
Vanderbilt University Dissertation Award
Vanderbilt University Fellowship
Tulane University Scholarship
- Founding Board of Directors: CQAsia
SERVICE ACTIVITIES WITHIN PROFESSION
- Ad hoc referee at Accounting Review, American Economic Review,
European Accounting Review, European Financial Management,
Financial Analyst Journal, Financial Management, Financial
Review, Journal of Accounting and Economics, Journal of
Accounting and Public Policy, Journal of Banking and Finance,
Journal of Comparative Economics, Journal of Economics and
Business, Journal of Financial Intermediation, Journal of
Financial Markets, Journal of Financial Research, Journal of
International Money and Finance, Pacific Basin Finance Journal